Google ties up with Indian banks in bid to woo new users

Vastavam web: Google said on Tuesday it is partnering with a handful of Indian banks to bring quick loans to the masses, as it aims to woo tens of millions of new internet users in the country to its digital payments services. At an annual Google event in New Delhi, Caesar Sengupta, the Vice-President of Google’s Next Billion Users initiative and its Payments said the move would make banking services accessible to tens of millions of Indians.

On Tuesday, Google rebranded the app as Google Pay and said it was partnering with four Indian banks, Federal Bank, HDFC Bank, ICICI Bank and Kotak Mahindra Bank to provide instant loans to the app’s users. “Banks bring their financial capabilities, their understanding of the user, their customers. We bring our user experience, our ability to make complex processes extremely simple and very fast.” Sengupta said Google was open to collaborating with other Indian payments firms.

“We are huge of fans interoperability when a product like Tez does well it creates more value in the network for everyone,” he said. Sengupta said Google also expects the KaiOS mobile operating system, in which the company has invested $22 million, to do well in Africa and parts of South East Asia. “Countries like India, which are mobile first have so many people coming online for the first time, just generate an incredible amount of opportunity for innovation,” Sengupta said.